Home Buying Frequently Asked Questions 

Q. What are the steps to Mortgage Financing with Glass City Federal Credit Union?
A. The first step is to contact Glass City’s Mortgage Department by email or phone indicating your interest in obtaining mortgage financing at mortgagecenter@glasscityfcu.com OR 419-887-1054. Or complete our Easy Online Questionnaire here. Additional steps can be found here

Q. What is the difference between a Mortgage Pre-qualification and a Mortgage Pre-approval? 
A. A mortgage pre-qualification is a basic review of how much home you most likely can afford (based on your financial information that has not necessarily been verified by the lender). A mortgage pre-approval is a confirmation letter from the lender providing a commitment for home financing for up to an approved loan amount. The lender provides a pre-approval, based upon a thorough review of your income, assets, credit history, debts, etc.  

Q. Do I share my Mortgage Loan Pre-Approval Letter with my realtor?  
A. Yes, your pre-approval letter shows proof to your realtor and the seller that you have been approved by your lender for mortgage loan financing up to a designated amount.

Q. What are things I should not do during the mortgage process?
A. Do not incur new debt, change jobs, change marital status, without checking with the lender first to confirm if any of these changes will impact the loan application’s pending for approval.

Q. What are other things to keep in mind during the mortgage process? 
A. Since buying a home is an investment and most likely the largest purchase you will make, be certain about the house that you choose. Also, be sure to ask any questions along the way to your realtor and to your Mortgage Loan Officer. They are both committed to helping you throughout the process.

Q. How can I calculate my future monthly mortgage payment, and what are all the costs that may be included?
A. You can estimate on your own with Glass City FCU’s Mortgage Loan Calculator on the Mortgage Loan page; and your Glass City Mortgage Loan Officer can provide a more definitive payment. Costs included are: mortgage principal and interest, property tax, homeowner’s insurance, flood insurance (if applicable), homeowner’s association fees (if applicable), etc.

Q. How can I determine the current property tax amount for a property? 
A. This information can be verified on the county auditor website of where the property is located.

Q. What is a property tax homestead reduction? 
A. This a is reduction on a tax amount due based on the age of the current property owner on record. Certain restrictions apply to qualify for this reduction. Contact the county tax authority for further details.

Q. What is title insurance? 
A. Title insurance protects property buyers and mortgage lenders against defects or problems with a title when there is a transfer of property ownership. Many lenders including Glass City FCU requires title insurance to be obtained during the mortgage process. To locate a Title Insurance agent, ask your realtor Glass City Mortgage Loan Officer.

Q. Do I have to have a home inspection of the property? 
A. Most lenders including Glass City FCU require a home inspection. The inspection must be conducted within 10 days of the accepted offer and alerts you regarding any major repairs that may be needed to the home. To locate a professional home inspector, contact your realtor or visit: homeinspector.org

Q. How do I know if the property is in a flood zone?
A. To determine if a property is in a flood zone that requires flood insurance (Zones A, AE or V), visit the fema.gov website.

Q. Is there a way to find out more information about the area where the property is located? 
A. Yes, a property and neighborhood information website is homefacts.com

Q. Should we hire a real estate attorney for a mortgage loan transaction? 
A. Hiring a real estate attorney when purchasing a home is a personal choice; however, it is recommended for your protection. If you choose to use an attorney, you must do so no later than 3 days after your offer has been accepted by the seller. The attorney will review potential concerns/changes for consideration. He/she will also review the title commitment from the title agency, review the deed from the seller prior to loan settlement, and the lender closing documents on or before the loan closing date.

Additional Questions? 

  • Review the Mortgage Loan Page here (including the “Homebuying Education” section)
  • Also, please contact Glass City’s Mortgage Loan Department at 419-887-1054 or via email at mortgagecenter@glasscityfcu.com